Dutch Bouwfonds IM buys three resi projects for Spezialfonds

Bouwfonds IM, the property investment management company of the Netherlands group Rabo Real Estate, has just bought three new residential construction products in Berlin, Dresden and Cologne in three separate transactions, on behalf of a southern German institutional investor. The price paid was just over €60m.

The three new construction projects comprise a total of 274 residential units, 128 underground parking spaces and 70 outdoor parking spaces, expected to be completed by 2015 to 2016. Bouwfonds IM is acting as the residential property portfolio manager for the real estate fund on behalf of the German ‘Versorgungswerk’ or occupational pension fund, and Institutional Investment-Partners (2IP) is managing the master fund as the investors’ asset management company for the German institutional investor.

The projects are located in the districts Berlin-Köpernick, Dresden-Südvorstadt and Kóln-Nippes. This boosts the size of the fund’s residential portfolio to around €163m, while an additional €240m euros are to be invested in existing properties and new construction projects in ‘attractive residential markets’ over the next 18 months.

Operating with a sole mandate, Bouwfonds IM has taken over the portfolio and asset management for the German institutional investor for the ‘Residential property’ segment of the real estate Spezialfonds. According to

, fund manager at Bouwfonds IM: “The aim is to invest a total of €240 million of net assets in the next 12 to 18 months in conurbations showing strong growth for the ‘residential property portfolio’ of the real estate fund.” Bouwfonds IM has more than €6bn of assets under management in commercial and residential real estate, communication infrastructure, parking and agriculture.

Institutional Investment-Partners is managing the corresponding master fund as the investors’ asset management company as a KVG and risk manager.